JLL Capital Markets announced that it has secured a $110 million loan for Soleste NoMi Beach, a 367-unit Class A multifamily community in North Miami Beach, Florida.
JLL represented the borrower, The Estate Companies, in arranging the floating-rate loan from Ares Management.
Located at 16395 Biscayne Boulevard, Soleste NoMi Beach is a luxurious Class-AAA 22-story residential building offering a mix of one-, two- and three-bedroom units averaging 914 square feet. The apartments feature high-end finishes including keyless entry, designer lighting, European-style cabinetry, ceramic-tiled flooring, frameless showers, quartz countertops and luxury tile backsplash. Additionally, the community’s amenity offering is unrivaled in this market, offering an elevated swimming pool with poolside cabanas, yoga and spin rooms, an extensive fitness center, outdoor social terrace, co-working spaces, golf putting green, indoor pet space, movie lounge, podcast studio and game room.
“This refinancing presented an attractive opportunity given the Property’s prime waterfront location, extensive demand drivers and top-of-market amenities/finishes,” said Gaswirth. “Soleste NoMi Beach’s exceptional performance is a testament to the local expertise and incredible execution by the sponsorship team.”
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
The Estate Companies (TEC), established in 2012, is a vertically integrated Miami-based real estate organization that identifies and manages high-yielding, risk-adjusted development and investment opportunities in South Florida. With over three decades of experience, strong community ties and an entrepreneurial structure, TEC leverages its market expertise and industry network to quickly react to opportunities, ensuring transparent communication and maximum value for all stakeholders throughout the investment lifecycle.
Ares Management Corporation (NYSE: ARES) is a leading global alternative investment manager offering clients complementary primary and secondary investment solutions across the credit, real estate, private equity and infrastructure asset classes. The company seeks to provide flexible capital to support businesses and create value for their stakeholders and within their communities. By collaborating across their investment groups, ARES aims to generate consistent and attractive investment returns throughout market cycles. As of June 30, 2024, Ares Management Corporation’s global platform had over $447 billion of assets under management with more than 2,950 employees operating across North America, Europe, Asia Pacific and the Middle East.
